The proposal has drawn warnings about its effect on trading. Francois Volpoet, Chainalysis’ regional sales director for France, told CoinDesk last week that it could push investors toward decentralized finance platforms, peer-to-peer transactions and offshore exchanges outside international tax-reporting arrangements.

Public Accounts Minister David Amiel raised questions about implementation and asked for the amendment to be withdrawn, opposing it otherwise.

“We first need to define stablecoins, then ensure our ability to monitor and trace reallocations within a portfolio of assets,” he told lawmakers during the parliamentary debate.

The finance committee’s rapporteur general, Philippe Juvin, said he favored keeping the deferral given crypto’s volatility.

The text would also replace France’s portfolio-wide capital-gains calculation with one based on the acquisition cost of the assets sold, using a weighted average for units of the same cryptocurrency bought at different prices.